Rule 158 Sale of Assets; Notice to Creditors and

When a receiver is selling assets, they must notify certain people ahead of time. A receiver is someone appointed by the court to manage a company's assets, often when a business is closing down or in financial trouble.

The receiver must mail a notice to two groups of people: anyone who has filed a claim as a creditor (someone owed money), and all stockholders (people who own shares in the company). This notice must be sent at least 15 days before the sale happens.

The court can change this requirement if needed, but if the court does not say otherwise, the receiver must follow this 15-day rule.